SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

NAVIOS MARITIME HOLDINGS INC.

85 Akti Miaouli Street, Piraeus, Greece 185 38
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F þ      Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o      No þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o      No þ

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o       No þ

 

 

     Operational and Financial Results; Quarterly Dividend

     On May 21, 2009, Navios issued a press release announcing the operational and financial results for the first quarter ended March 31, 2009. The press release also announced the declaration of Navios’ quarterly dividend. A copy of the press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

     This information contained in this Report is hereby incorporated by reference into the Navios Registration Statements on Form F-3, File Nos. 333-136936, 333-129382 and 333-141872 and on Form S-8, File No. 333-147186.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

EXHIBIT INDEX

Exhibit No.		Exhibit
99.1		Press Release dated May 21, 2009.

Exhibit 99.1

Navios Maritime Holdings Inc. Reports Financial Results for the
First Quarter Ended March 31, 2009

	•		Reports 11.5% increase in Quarterly EBITDA compared to Q1 2008
	•		Reports EPS of $0.12 for Q1 of 2009
	•		Declares Quarterly Dividend of $0.06 per Share for Q1 2009
	•		Updates Charter-Out Coverage to 96.6% for 2009, 75.5% for 2010, 54.0% for 2011 and 47.6% for 2012
	•		Maintains AA+ Insurance on Long-Term Charters and COAs

PIRAEUS, GREECE, May 21, 2009 — Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the first quarter ended March 31, 2009.

“We are pleased with our financial and operational performance during the quarter. Our results reflect our long-term chartering policy which provided an advantage during this tumultuous period for the industry,” stated Angeliki Frangou, Chairman and CEO of Navios Holdings. Ms. Frangou continued, “We believe that our strong financial position and significant cash flow from our long-term, insured charter-out contracts has positioned Navios to capture opportunity generated by market dislocation.”

FIRST QUARTER 2009 HIGHLIGHTS — RECENT DEVELOPMENTS

Liquidity:

Navios Holdings maintains a strong liquidity position with a cash balance of $241.1 million (including restricted cash of $20.7 million) at March 31, 2009 and a net debt to book capitalization of 43.1%.

Dividend Policy:

The Board of Directors declared a quarterly cash dividend for the first quarter of 2009 of $0.06 per share of common stock. This dividend is payable on July 2, 2009 to stockholders of record as of June 18, 2009. The declaration and payment of any further dividend remains subject to the discretion of the Board and will depend on, among other things, Navios Holdings’ cash requirements as measured by market opportunities and restrictions under its credit agreements.

Acquisition of Vessel:

On February 18, 2009, Navios Holdings took delivery of Navios Vega, a 2009 built, 58,792 dwt Ultra Handymax vessel. The total acquisition price was approximately $73.5 million. The vessel commenced a two-year time charter at a net daily rate of $12,350. The acquisition was financed by Navios Holdings’ existing cash and by issuing a $33.5 million convertible security to the seller.

Update on Navios Maritime Partners L.P. (Navios Partners):

On May 8, 2009, Navios Partners completed a follow-on public offering of 3,500,000 common units at $10.32 per unit, raising gross proceeds of approximately $36.1 million. In connection with the above offering, Navios Holding contributed an amount of $0.7 million to retain its 2% General Partner interest. Following the offering, Navios Holdings owns a 44.6% equity interest in Navios Partners which includes a 2% general partner interest.

Share Repurchase Program:

Navios Holdings has a $25.0 million common stock repurchase program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require any minimum purchase or any specific number of shares and may be suspended or reinstated at any time in Navios Holdings’ discretion and without notice. Since the initiation of the program 907,480 shares have been repurchased.

Time Charter Coverage:

Navios Holdings has extended its long-term fleet employment by entering into agreements to charter-out vessels for periods ranging from one to ten years. As of May 15, 2009, Navios Holdings has contracted 96.6%, 75.5%, 54.0% and 47.6% of its available days on a charter-out basis for 2009, 2010, 2011 and 2012, respectively, equivalent to $244.7 million, $277.1 million, $233.3 million and $217.4

million in revenue, respectively. The average contractual daily charter-out rate for the core fleet is $25,484, $30,970, $34,8833 and $35,833 for 2009, 2010, 2011 and 2012, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2009 is $9,988.

The above figures do not include vessels servicing the COA business.

Details of new and existing fixtures are included in the 6-K anticipated to be issued by close of business tomorrow.

Financial Results

For the following results and the selected financial data presented herein, Navios Holdings has compiled consolidated statement of income for the three month periods ended March 31, 2009 and 2008. The information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA is a non-US GAAP financial measure and should not be used in isolation or substitution for Navios Holdings’ results.

First Quarter 2009 Results (in thousands of US Dollars):

		Three				Three
		Months				Months
		ended				ended
		March 31,				March 31,
		2009				2008
		(unaudited )				(unaudited)
Revenue		$	147,168			$	338,277
EBITDA		$	42,378			$	37,998
Net income		$	11,993			$	14,244
EPS		$	0.12			$	0.13

Revenue from vessel operations for the three months ended March 31, 2009 was $117.8 million as compared to $316.8 million for the same period during 2008. The decrease in revenue was mainly attributable to a) the decrease in Time Charter Equivalent (“TCE”) per day (excluding FFAs) by 38.8% to $28,368 per day in the first quarter of 2009 from $46,338 per day in the same period of 2008and b) the decrease in the available days for the fleet by 35.5% to 3,880 in the first quarter of 2009 from 6,014 days in the same period of 2008. The decrease in days is mainly attributable to the significantly reduced activity of the short term fleet. Short term fleet days were decreased by 2,167 days, from 3,064 days in the first quarter of 2008 to 897 days in the first quarter of 2009.

Revenue from the logistics business was approximately $29.3 million for the three months ended March 31, 2009 as compared to $21.5 million during the same period of 2008. This increase was mainly due to the increased fleet of Navios Logistics (which became operating in the fourth quarter of 2008) compared to the same period of 2008.

EBITDA for the first quarter of 2009 and 2008 was $42.4 million and $38.0 million, respectively. The $4.4 million increase in EBITDA was primarily due to a decrease in time charter, voyage and logistic business expenses by $201.9 million from $293.7 million in the first quarter of 2008 to $91.8 million in the same period in 2009, an increase in equity in net earnings from affiliated companies by $3.0 million and a decrease in minority interest by $0.1 million. This overall favorable variance of $205.0 million was mitigated mainly by a decrease in revenue by $191.1 million from $338.3 million in the first quarter of 2008 to $147.2 million for the same period in 2009, a decrease in gain from FFA trading by $5.5 million from $4.9 million gain for the first quarter of 2008 to $0.6 million loss for the same period in 2009, an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) by $1.5 million from $5.2 million in the first quarter of 2008 to $6.7 million for the same period in 2009, an increase in general and administrative expenses by $1.8 million from $8.0 million in the first quarter of 2008 to $9.8 million for the same period in 2008 (excluding $0.6 million and $0.7 million share-based compensation for the first quarter of 2009 and 2008, respectively) and a net decrease of $0.7 million in all other categories.

EBITDA from the logistics business was $5.7 million for the three months ended March 31, 2009 as compared to $5.4 million during the same period in 2008.

Net income for first quarter ended March 31, 2009 was $12.0 million as compared to $14.2 million for the comparable period of 2008. The decrease of net income by $2.2 million was due to the increase in depreciation and amortization by $1.9 million, the increase in interest expense and finance cost by $2.4 million, the decrease in interest income by $2.4 million. This unfavorable variance of $6.7 million was mitigated by the increase of $4.4 million in EBITDA discussed above, as well as the $0.1 million decrease in income taxes.

Purchase Options:
Navios Holdings has options to acquire four of the 18 chartered-in vessels currently in operation within the next two years (two Ultra-Handymaxes, one Panamax and one Capesize) and eight of the ten long-term chartered-in vessels on order (on two of the 12 purchase options Navios Holdings holds a 50% initial purchase option).

Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of the Navios Holdings and its fleet performance for the first quarter ended March 31, 2009 and 2008.

		Three Months Ended
		March 31,				March 31,
		2009				2008
Available Days (1)			3,880				6,014
Operating Days (2)			3,867				6,012
Fleet Utilization (3)			99.7	%			100	%
Time Charter Equivalent including FFAs (4)		$	28,227			$	47,150
Time Charter Equivalent excluding FFAs (4)		$	28,368			$	46,338

Fleet Profile:
Navios Holdings controls a fleet of 53 vessels totaling 5.1 million dwt, of which 25 are owned and 28 are chartered-in under long-term charters. Navios Holdings currently operates 36 vessels totaling 2.8 million dwt and has 17 newbuildings to be delivered. These vessels are expected to be delivered at various dates through 2013. The average age of the operating fleet is 4.8 years.

Exhibit 2 displays the “Core Fleet” profile of Navios Holdings.

Conference Call:
As already announced, tomorrow, Thursday, May 21, 2009 at 8:30 am EDT, Navios Holdings’ members of senior management will host a conference call to provide highlights and commentary on the first quarter of 2009.

A supplemental slide presentation will be available on the Navios Holdings website at http://www.navios.com under the “Investors” section at 7:30 am EDT on the day of the call. The conference call details are as follows:

Call Date/Time: Thursday, May 21, 2009; 8:30 am EST
Call Title: Navios Maritime Holdings Inc. Q1 2009 Financial Results Conference Call
US Dial In: +1.888.694.4702
International Dial In: +1.973.582.2741
Conference ID: 9938 8364

The conference call replay will be available shortly after the live call and remain available for one business week at the following numbers:

US Replay Dial In: +1.800.642.1687
International Replay Dial In: +1 .706.645.9291
Conference ID: 9938 8364

This call will be simultaneously Webcast at the following Web address: http://webcast.streamlogics.com/audience/index.asp?eventid=50158327 . The Webcast will be archived and available at this same Web address for one month following the call.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.

Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. for purchase at fair market value according to the terms of the Omnibus Agreement.
For more information about Navios Holdings please visit our website: www.navios.com.

About Navios South American Logistics Inc.
Navios Logistics was formed in 2007 through the acquisition of control of the Horamar Group, established in 1975. Navios Logistics specializes in transporting and storing liquid and dry bulk cargoes in the Hidrovia region connecting Argentina, Bolivia, Brazil, Paraguay and Uruguay. Navios Logistics currently controls a fleet of 240 barges and vessels. It also owns and operates an upriver oil storage and transfer facility in Paraguay and the largest bulk transfer and storage port terminal in Uruguay.

About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM), a publicly traded master limited partnership formed by Navios Holdings is an owner and operator of Capesize and Panamax vessels. For more information, please visit our website: www.navios-mlp.com

Forward Looking Statements — Safe Harbor
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Holdings’ growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings’ filings with the Securities and Exchange Commission. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contacts:
Public & Investor Relations
Navios Maritime Holdings Inc.
Investor Relations
+1.212.279.8820
investors@navios.com

EXHIBIT 1

NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of US Dollars)

		March 31,				December 31,
		2009				2008
		(unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	220,417			$	133,624
Restricted cash			20,660				17,858
Accounts receivable, net of allowance for doubtful accounts of $8,893 as at March 31, 2009 and $8,343 as at December 31, 2008			82,913				109,780
Short term derivative asset			168,776				214,156
Short term backlog asset			—				44
Due from affiliate companies			4,655				1,677
Prepaid expenses and other current assets			25,606				28,270
Total current assets			523,027				505,409
Deposit for vessel acquisitions			432,147				404,096
Vessels, port terminal and other fixed assets, net			799,657				737,094
Long term derivative assets			28,922				36,697
Other long term assets			55,492				46,855
Investments in affiliates			5,284				5,605
Investments in available for sale securities			26,304				22,358
Intangible assets other than goodwill			337,841				347,878
Goodwill			147,632				147,632
Total non-current assets			1,833,279				1,748,215
Total assets		$	2,356,306			$	2,253,624
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		$	48,499			$	72,520
Dividends payable			6,033				9,096
Accrued expenses			39,203				34,468
Deferred income			7,145				11,319
Short term derivative liability			102,794				128,952
Current portion of long term debt			74,246				15,177
Total current liabilities			277,920				271,532
Senior notes, net of discount			298,395				298,344
Long term debt, net of current portion			671,939				574,194
Unfavorable lease terms			71,257				76,684
Long term liabilities and deferred income			48,193				47,827
Deferred tax liability			25,390				26,573
Long term derivative liability			18,316				23,691
Total non-current liabilities			1,133,490				1,047,313
Total liabilities			1,411,410				1,318,845
Commitments and contingencies			—				—
Stockholders’ equity
Preferred stock — $0.0001 par value, authorized 1,000,000 shares. None issued			—				—
Common stock — $0.0001 par value, authorized 250,000,000 shares, issued and outstanding 100,225,217 and 100,488,784 as of March 31, 2009 and December 31, 2008, respectively			10				10
Additional paid-in capital			494,562				494,719
Accumulated other comprehensive loss			(18,632	)			(22,578	)
Retained earnings			339,629				333,669
Total stockholders’ equity			815,569				805,820
Noncontrolling interest			129,327				128,959
Total equity			944,896				934,779
Total liabilities and equity		$	2,356,306			$	2,253,624

NAVIOS MARITIME HOLDINGS INC.

CONSOLIDATED STATEMENTS OF INCOME
(Expressed in thousands of US Dollars — except per share data)

		Three Month				Three Month
		Period ended				Period ended
		March 31, 2009				March 31, 2008
		(unaudited)				(unaudited)
Revenue		$	147,168			$	338,277
(Loss)/gain on forward freight agreements			(550	)			4,887
Time charter, voyage and logistic business expenses			(91,799	)			(293,699	)
Direct vessel expenses			(7,170	)			(5,633	)
General and administrative expenses			(10,431	)			(8,712	)
Depreciation and amortization			(15,540	)			(13,604	)
Interest income from investments in finance lease			323				800
Interest income			337				2,739
Interest expense and finance cost, net			(14,701	)			(12,232	)
Gain on sale of assets/partial sale of subsidiary			—				2,574
Other income			1,268				19
Other expense			(2,276	)			(3,269	)
Income before equity in net earnings of affiliate companies			6,629				12,147
Equity in net earnings of affiliated companies			5,100				2,078
Income before taxes		$	11,729			$	14,225
Income taxes			632				507
Net income			12,361				14,732
Less: Net income attributable to the noncontrolling interest			(368	)			(488	)
Net income attributable to Navios Holdings common stockholders		$	11,993			$	14,244
Basic net income per share attributable to Navios Holdings common stockholders		$	0.12			$	0.13
Weighted average number of shares, basic			100,056,191				106,371,936
Diluted net income per share attributable to Navios Holdings common stockholders		$	0.12			$	0.13
Weighted average number of shares, diluted			100,457,699				110,695,036

NAVIOS MARITIME HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of US Dollars)

		Three Month				Three Month
		Period ended				Period ended
		March 31, 2009				March 31, 2008
		(unaudited)				(unaudited)
OPERATING ACTIVITIES:
Net income		$	11,993			$	14,244
Adjustments to reconcile net income to net cash provided by operating activities:			21,031				13,239
Decrease in operating assets			23,636				40,433
Decrease in operating liabilities			(5,086	)			(56,494	)
Payments for dry dock and special survey costs			(1,587	)			(1,803	)
Net cash provided by operating activities			49,987				9,619
INVESTING ACTIVITIES:
Acquisition of subsidiary, net of cash acquired			—				(105,069	)
Deposits in escrow in connection with acquisition of subsidiary			—				(5,000	)
Restricted cash for assets acquisition			—				(67,120	)
Acquisition of vessels			(25,648	)			(17,875	)
Deposits for vessel acquisitions			(42,870	)			(5,984	)
Receipts from finance lease			130				2,527
Purchase of property and equipment			(1,310	)			(857	)
Net cash used in investing activities			(69,698	)			(199,378	)
FINANCING ACTIVITIES:
Proceeds from long term loan, net of deferred finance fees			125,369				69,574
Repayment of long term debt and payment of principal			(2,927	)			(3,555	)
Dividends paid			(9,096	)			(9,582	)
Increase in restricted cash			(6,125	)			—
Acquisition of treasury stock			(717	)			(3,374	)
Issuance of common stock			—				37
Net cash provided by financing activities			106,504				53,100
Increase/(decrease) in cash and cash equivalents			86,793				(136,659	)
Cash and cash equivalents, beginning of period			133,624				427,567
Cash and cash equivalents, end of period		$	220,417			$	290,908
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest		$	7,936			$	548
Cash paid for income taxes		$	139			$	307
Non-cash investing and financing activities
Issuance of shares and convertible debt in connection with the acquisition of vessels		$	31,741			$	—
Equity in net earnings of affiliated companies		$	5,100			$	2,078

Disclosure of Non-GAAP Financial Measures

EBITDA: EBITDA represents net income before interest, taxes, depreciation and amortization. Navios Holdings uses EBITDA because Navios Holdings believes that EBITDA is a basis upon which liquidity can be assessed and because Navios Holdings believes that EBITDA presents useful information to investors regarding Navios Holdings’ ability to service and/or incur indebtedness. Navios Holdings also uses EBITDA (i) by prospective and current lessors as well as potential lenders to evaluate potential transactions; and (iii) to evaluate and price potential acquisition candidates.

EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of Navios Holdings’ results as reported under US GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Navios Holdings’ performance.

EBITDA Reconciliation to Cash from Operations

Three Months Ended		March 31,				March 31,
(in thousands of US Dollars)		2009				2008
Net cash provided by operating activities		$	49,987			$	9,619
Net increase in operating assets			(23,636	)			(40,433	)
Net increase in operating liabilities			5,086				56,494
Net interest cost			14,365				9,493
Deferred finance charges			(709	)			(464	)
Unrealized loss on FFA derivatives, warrants and interest rate swaps			(3,613	)			(304	)
Earnings in affiliates and joint ventures, net of dividends received			(321	)			(296	)
Payments for drydock and special survey			1,587				1,803
Non-Controlling interest			(368	)			(488	)
Gain on partial sale of subsidiary			—				2,574
EBITDA		$	42,378			$	37,998

EXHIBIT 2

Owned Vessels

Vessel Name		Vessel Type		Year Built				Deadweight
								(in metric tons)
Navios Ionian		Ultra Handymax			2000				52,068
Navios Apollon		Ultra Handymax			2000				52,073
Navios Horizon		Ultra Handymax			2001				50,346
Navios Herakles		Ultra Handymax			2001				52,061
Navios Achilles		Ultra Handymax			2001				52,063
Navios Meridian		Ultra Handymax			2002				50,316
Navios Mercator		Ultra Handymax			2002				53,553
Navios Arc		Ultra Handymax			2003				53,514
Navios Hios		Ultra Handymax			2003				55,180
Navios Kypros		Ultra Handymax			2003				55,222
Navios Ulysses		Ultra Handymax			2007				55,728
Navios Vega		Ultra Handymax			2009				58,792
Navios Magellan		Panamax			2000				74,333
Navios Star		Panamax			2002				76,662
Navios Hyperion		Panamax			2004				75,707
Navios Orbiter		Panamax			2004				76,602
Navios Asteriks		Panamax			2005				76,801
Vanessa		Product Handysize			2002				19,078

Owned Vessels to be delivered

Vessel Name		Vessel Type		Delivery Date				Deadweight
								(in metric tons)
Navios Pollux		Capesize			06/2009				181,000
Navios Happiness		Capesize			07/2009				180,000
Navios Aurora II		Capesize			10/2009				172,000
Navios Lumen		Capesize			11/2009				181,000
Navios Antares		Capesize			11/2009				172,000
Navios Phoenix		Capesize			12/2009				180,000
Navios Stellar		Capesize			12/2009				172,000

Long term Chartered-in Fleet in Operation

Year

Purchase

Vessel Name

Vessel Type

Built

Deadweight

Option(1)

(in metric tons)

Navios Vector

Ultra Handymax

2002

50,296

No

Navios Astra

Ultra Handymax

2006

53,468

Yes

Navios Primavera

Ultra Handymax

2007

53,464

Yes

Navios Armonia

Ultra Handymax

2008

55,100

No

Navios Cielo

Panamax

2003

75,834

No

Navios Orion

Panamax

2005

76,602

No

Navios Titan

Panamax

2005

82,936

No

Navios Sagittarius

Panamax

2006

75,756

Yes

Navios Altair

Panamax

2006

83,001

No

Navios Esperanza

Panamax

2007

75,200

No

Torm Antwerp

Panamax

2008

75,250

No

Belisland

Panamax

2003

76,602

No

Golden Heiwa

Panamax

2007

76,662

No

SA Fortius

Capesize

2001

171,595

No

C. Utopia

Capesize

2007

174,000

No

Beaufiks

Capesize

2004

180,181

Yes

Rubena N

Capesize

2006

203,233

No

Phoenix Grace

Capesize

2009

170,500

No

Long term Chartered-in Fleet to be Delivered

Purchase

Vessel Name

Vessel Type

Delivery Date

Deadweight

Option(1)

(in metric tons)

Phoenix Beauty

Capesize

01/2010

170,500

No

Kleimar TBN

Capesize

04/2010

176,800

No

Navios TBN

Handysize

02/2011

35,000

Yes(2)

Navios TBN

Handysize

04/2011

35,000

Yes(2)

Navios TBN

Panamax

09/2011

80,000

Yes

Navios TBN

Capesize

09/2011

180,200

Yes

Navios TBN

Ultra Handymax

03/2012

61,000

Yes

Kleimar TBN

Capesize

07/2012

180,000

Yes

Navios TBN

Panamax

01/2013

82,100

Yes

Navios TBN

Ultra Handymax

08/2013

61,000

Yes